Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) CEO Sells 27,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $18,896,333.94. The trade was a 9.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

James Richard Porter also recently made the following trade(s):

• On Tuesday, February 18th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00.
• On Wednesday, January 15th, James Richard Porter sold 27,000 shares of Nuvalent stock. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00.
• On Monday, January 6th, James Richard Porter sold 17,301 shares of Nuvalent stock. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68.

Nuvalent Stock Up 0.4 %

Shares of NASDAQ:NUVL traded up $0.32 during midday trading on Friday, reaching $77.96. The company had a trading volume of 612,588 shares, compared to its average volume of 460,537. Nuvalent, Inc. has a 1-year low of $61.80 and a 1-year high of $113.51. The stock has a market cap of $5.58 billion, a PE ratio of -22.47 and a beta of 1.42. The business's 50 day moving average price is $78.56 and its 200 day moving average price is $87.68.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on NUVL. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $113.10.

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boxer Capital Management LLC bought a new stake in shares of Nuvalent in the 4th quarter valued at about $87,689,000. FMR LLC increased its position in Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company's stock worth $987,640,000 after buying an additional 786,257 shares during the last quarter. Vestal Point Capital LP bought a new stake in Nuvalent in the fourth quarter valued at approximately $46,968,000. Polar Capital Holdings Plc lifted its position in shares of Nuvalent by 161.2% in the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after buying an additional 584,223 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock worth $103,511,000 after acquiring an additional 400,402 shares during the period. 97.26% of the stock is owned by institutional investors.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.